Head of Investigative Committee Calls for Mandatory Identification of Cryptocurrency Users in Russia – Regulation Bitcoin News

Russians using cryptocurrency should not be anonymous, the man who heads Russia’s Federal Investigation Service recently stated. The government’s ground-breaking official anti-corruption efforts have called for additional regulations, including the introduction of mandatory identification for those who deal with digital currencies.

Anti-corruption official calls for rules to mitigate risks of using cryptocurrency for illegal purposes

Alexander Bastrykin, head of the Investigative Committee of the Russian Federation, believes that people who use cryptocurrency should not remain anonymous. The high-ranking official shared his opinion in an interview with the state newspaper Rossiyskaya Gazeta.

“I have already indicated that in connection with the adoption of the Federal Law on Digital Financial Assets in July 2020, additional risks may arise from the use of digital currency for criminal purposes, in particular for financing terrorism and extremism,” the Deputy Prosecutor General of Russia, in statements to the official newspaper, said. He explained:

Therefore, digital currency trading requires more legal regulation – first of all, a mandatory identification of users of this currency is necessary.

Bastrykin noted that the status of online platforms that provide opportunities to buy and sell cryptocurrencies anonymously has not yet been determined. Websites offering cryptocurrency exchange services have had a lot of trouble with Russian regulators and judiciary in the past few years.

Cryptocurrency trading is among a number of crypto-related activities that remain outside the scope of current legislation on digital assets. A working group formed in the State Duma, the lower house of the Russian parliament, is preparing organizational proposals to deal with outstanding issues.

The Investigative Committee is the main federal investigative and anti-corruption body in Russia, subordinate to the Russian President. It is responsible for fighting corruption and conducting investigations with federal government bodies, local authorities, and law enforcement agencies.

In August, President Vladimir Putin signed a decree approving the country’s national anti-corruption plan for the period from 2021 to 2024. As part of the new strategy, the Russian head of state ordered several ministries and the Central Bank, to prepare inspections for officials who are obligated to disclose their digital assets.

Speaking to RIA Novosti in December 2020, Alexander Bastrykin insisted that cryptocurrency should be recognized as property for purposes of criminal law and procedure. He stressed that this is a necessary condition for the investigation of criminal cases related to digital currencies. For example, bribery and embezzlement. In November 2021, the General Prosecutor’s Office of Russia proposed defining cryptocurrency as property in the country’s criminal code.

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What are your thoughts on Alexander Bastrykin’s proposal to introduce mandatory identification of cryptocurrency users in Russia? Tell us in the comments section below.

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain, and fintech, international politics and economics are other sources of inspiration.

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